Hyflux sells building housing global HQ to Ascendas Reit for $170 million
Published on Jun 26, 2014 5:21 PM
SINGAPORE - Water treatment firm Hyflux has sold the building housing its global headquarters to Ascendas Real Estate Investment Trust (Reit) for $170 million.
The deal also includes an upfront land premium of $21.2 million for the lease on the land, which Ascendas Reit will pay to industrial landlord JTC.
After the sale, which will be completed next Monday, Hyflux will remain the major tenant in the property as part of a 15-year lease-back agreement.
Located at 80 Bendemeer Road, the building has a gross floor area of more than 400,000 square feet and serves as the nerve centre of Hyflux's global operations.